AGRARIUS SUSTAINABILITY ENGINEERED (RF) LIMITED - Portfolio Covenant Testing

Portfolio Covenant Testing

AGRARIUS SUSTAINABILITY ENGINEERED (RF) LIMITED
Incorporated in the Republic of South Africa
with limited liability
(Registration Number: 2022/521382/06)
JSE Alpha Code: "AGRIB1"
ISIN: ZAG000202797
LEI: 378900376E9ADF2BD166
("Agrarius" or "the Issuer")


PORTFOLIO COVENANT TESTING


In accordance with Condition 1.1 of the Issuer's AGRIB1 Applicable Pricing Supplement dated 31 January
2024, Sukuk holders are advised that the Portfolio Covenants, as measured against the Issuer's audited
annual financial statements for the period ended 31 March 2024, are as follows:

                                                                       Actual measurement at period-
                                 Measurement at period-end             end
 Covenant                                                              (2 February 2024 – 31 March
                                                                       2024)
 Maximum Loan to Value           Must not exceed 70% (seventy          53% (fifty three percent)
 Ratio in respect of the         percent)
 Portfolio

 Minimum spread on pricing       Must be 2% (two percent) over         2.61% (two point six one percent)
 of Underlying Transaction       the Portfolio Rate


Accordingly, both Portfolio Covenants have been met.

The Portfolio Covenants Compliance Certificate is available for inspection at the Issuer's registered office
located at 5th Floor, Firestation Rosebank, 16 Baker Street, Rosebank, Johannesburg, 2196, during normal
business hours and has also been made available for download from the Issuer's website by accessing
the following link: https://www.27four.com/wp-content/uploads/2024/08/Agrarius-Sustainability-
Engineered_Portfolio-Covenant-Compliance-Certificate_d1_JF_31-July-2024-1.pdf


Rosebank
1 August 2024

JSE Debt Officer
Johan Fourie
27four Investment Managers


JSE Debt Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 01-08-2024 12:35:00
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